A: As with any business, there are good and bad people. ALWAYS you will receive your contracts in writing. Especially in real estate. I have never worked with anyone on an oral agreement. Although in some states an oral agreement is legal is not always binding and there is room for “he said he said” If you don`t want to work with a broker because you “don`t trust” then get a good real estate lawyer. Brokers who are members of the NAR have a code of ethics to which they must comply. Musts are ethical. If the sellers received a better written offer and your offer was verbal and was not opened, they have every right to accept another offer, regardless of whether a broker was involved. Get the representation is what I say, that way you are covered! Rosanne Nitti is a real estate agent® at RMN Investments – Realty Services in Laguna Beach, CA. A: I am not a lawyer; However, as a general rule, contracts to buy and sell real estate must be signed in writing and by the buyer and seller. Oral agreements are generally not applicable. If you have a remedy, it would most likely be against the seller. The broker, who “cut the sale and the agreement,” simply worked on behalf of his client/ client.
Your realtor, if you work with one, should have done the same for you. This is a body that makes a good argument in favor of hiring a broker to protect your interests. If you feel you have been damaged in this transaction, you should talk to a real estate lawyer to discuss your options. Phil Lunnon is a real estate agent® with Lunnon Realty in Lakewood, CO. The Supreme Court initially rendered a summary judgment to the broker and found that the seller had entered into an oral agreement with the purchaser on the essential terms of the contract. During the review of the case as part of the seller`s appeal proceedings, the second division returned to the S and made several important findings. A: It depends on your government laws. If you work with a real estate agent, you have an obligation to receive the agreement in writing, and you would be wise to require it. Consult your pronto lawyer! Mark Bergman is a real estate agent® at Bergman Real Estate in North Creek, NY. A: The law of the land (at least in every state I know) is that agreements for real estate must be written.
SO, unless the verbal agreement has been reduced to the letter and signed by the sellers (you don`t need to have signed), you can`t impose it and they can accept another offer. It`s a tricky part of how the process works. I am an exclusive buyer agent and I always present that sellers must first sign the final agreement after we get the verbal agreement. A lot of sellers are pushing, but I`m in general insisting. Linda Walters is a real estate agent® at Sage Realty LLC in Wayne, PA. Really – the broker of the other buyer moved quickly and did a service to his client by providing them with the house. As a buyer`s agent, I move as fast as I can to get things in writing, so that it doesn`t happen to my clients. Unfortunately, this can happen with “hot” properties. I hope it will help. Holly Pasut is a real estate agent® with Hines and Associates Realty in Cornelius, NC. What are the pros and cons of verbal real estate offers? Today, we`re bringing them to you. A: Right now, these things are happening.
There is nothing on paper in Illinois. It`s just a bad situation. The listing agent should inform your agent that a higher offer has been received. I wouldn`t say we`re car salesmen. There are a lot of good agents out there. Matt Laricy is a real estate agent® at Americorp Real Estate in Chicago, IL. Q: My agent made an offer (written) to buy my house. I made a counter-offer (in writing). The buyer responded verbally about the agent. I orally accepted their counter-offer on the agent. The agent told me that the buyer had signed the offer.
When I asked the agent if I should sign the agreement, she said I had already signed it. I never signed the agreement with the terms that we discussed orally.